With Bitcoin back at $87K and sentiment at FTX-crash lows, the OnRamp team makes the case that the current drawdown represents maximum fear and maximum opportunity. Brian Cubellis argues that short-term holder capitulation and technical analysis anchoring are driving the negative sentiment, while the fundamental thesis for Bitcoin as a neutral reserve asset has only strengthened throughout 2025, evidenced by Abu Dhabi's ETF position expansion, university endowment allocations, and continued TradFi infrastructure buildout. The hosts examine why gold has dramatically outperformed Bitcoin year-to-date, pointing to real interest rate sensitivity and genuine sovereign accumulation of gold versus delayed sovereign Bitcoin adoption. They conclude that macro liquidity conditions are set to improve significantly, Wall Street remains largely on the sidelines, and Bitcoin is positioned to substantially outperform gold in 2026.